Building a carriage house as an investment in a prestigious avenu

[Lucy Iburg]

Will purchase a Victorian house in a very prestigious avenue in Saint Paul, MN

The lot is 11000 square feet and I am allow to put a carriage house on top of garage to rent as airbnb.

It is worth it? Will be a great resell asset to the house?

The carriage house will be 1200 square feet, so it will cost me about 150,000 including the garage.

Need your opinion from top investors .

I own 12 rentals and I do flips, so I am familiar with the construction level.

Thank you

Lucy

[Val Peare]

My opinion is do the numbers as a long term rental and if it makes sense then LTR it for awhile. There are just too many unknowns right now with STRs. You will need to factor about $10,000 per 1,000 square foot for furnishings as well. I would definitely check your HOA's and any ordinances.